Fund Objective

To achieve capital growth by investing principally in companies worldwide, excluding the United Kingdom.

View on Past Performance

The western financial authorities were forced into further extraordinary interventions into the markets, as a number of banks were either nationalised, rescued or bankrupted. Such tumultuous events hit equity markets, which were down sharply over the month.

Future Expectations

We believe our investment philosophy - focusing on analysis of individual businesses and taking a long term view - should stand the Fund in good stead in the current environment. Reflecting this, turnover in the Fund remained muted during the month; we are confident in the prospects for the stocks held.

Fund Details